Frontline plc (NYSE:FRO) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC lifted its stake in shares of Frontline plc (NYSE:FRO - Free Report) by 27.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,378,037 shares of the shipping company's stock after buying an additional 297,437 shares during the period. Renaissance Technologies LLC owned approximately 0.62% of Frontline worth $19,554,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FRO. Jones Financial Companies Lllp acquired a new position in shares of Frontline in the fourth quarter worth about $31,000. Golden State Wealth Management LLC acquired a new position in Frontline during the fourth quarter worth $84,000. National Bank of Canada FI grew its holdings in shares of Frontline by 331.8% in the fourth quarter. National Bank of Canada FI now owns 6,166 shares of the shipping company's stock valued at $87,000 after purchasing an additional 4,738 shares during the period. Blue Trust Inc. increased its position in Frontline by 84.4% during the fourth quarter. Blue Trust Inc. now owns 8,921 shares of the shipping company's stock worth $127,000 after purchasing an additional 4,084 shares during the last quarter. Finally, Clear Harbor Asset Management LLC purchased a new stake in shares of Frontline in the 4th quarter valued at approximately $214,000. Institutional investors and hedge funds own 22.70% of the company's stock.

Analyst Ratings Changes

Separately, Kepler Capital Markets set a $12.49 price objective on Frontline in a research report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.62.

Frontline Stock Up 4.4 %

Shares of FRO stock traded up $0.66 during trading hours on Friday, reaching $15.43. 1,961,660 shares of the stock were exchanged, compared to its average volume of 2,363,742. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.43 and a quick ratio of 1.43. Frontline plc has a 12-month low of $12.40 and a 12-month high of $29.39. The firm has a market capitalization of $3.43 billion, a P/E ratio of 6.30 and a beta of 0.20. The business's fifty day moving average is $15.69 and its two-hundred day moving average is $17.26.

Frontline (NYSE:FRO - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. Frontline had a net margin of 25.64% and a return on equity of 19.25%. The company had revenue of $425.60 million for the quarter, compared to analysts' expectations of $273.16 million. During the same period in the previous year, the company posted $0.46 EPS. Frontline's revenue was up 2.6% compared to the same quarter last year. As a group, research analysts expect that Frontline plc will post 1.78 EPS for the current fiscal year.

Frontline Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.19%. The ex-dividend date of this dividend was Friday, March 14th. Frontline's dividend payout ratio (DPR) is 36.04%.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.